Trade mission to London: Monaco in seduction mode

From 10th to 12th June, under the aegis of H.E. Mrs. Evelyne Genta, Monaco's Ambassador to London, the Monaco Economic Board organized a trip to the British capital. 62 decision-makers from the Principality, representing 44 entities, set off with the ambition of boosting their relations and business, as well as promoting the Principality as an investment destination.

The trade mission began on arrival in London with a reception organised by the MEB in partnership with the Hauser & Wirth gallery. This prestigious international art gallery, which has been based in Monaco for three years, was keen to be the first to welcome all the Monegasque entrepreneurs. It was an opportunity for them to get in tune with the London atmosphere, while at the same time sharing ideas with MEB members and guests.  

The Monaco Economic Board delegation set off at the crack of dawn on Tuesday to the London School of Economics and Political Science (LSE) to meet and listen to the managers of LSE Generate, a coworking space dedicated to innovation and entrepreneurship. Three outstanding projects were pitched, much to the delight of Sandrine Sauval, Director of MonacoTech, and to the keen interest of the entire delegation. The visit concluded with a fascinating meeting with the head of 100x Impact Accelerator, voted best accelerator in the UK in 2023.

The morning continued in the unique setting of the Royal Automobile Club, with a particular focus on finance, with a presentation by Patrick Armstrong, Chief Investment Officer of Plurimi, a company based in London and Monaco whose market prediction system based on artificial intelligence is showing fascinating potential. The networking lunch that followed provided an opportunity to find out even more about the possibilities offered by the most scrutinised tool in international finance.

Then it was the turn of Savills, one of the world's leading real estate companies, with headquarters in London and a subsidiary in Monaco, to welcome all the participants to its premises for two conferences. One was given by Themis Themistocleous, Head of EMEA Investment Office at UBS, on the state of the UK economy on the eve of the crucial elections, and the other by Lucian Cook, Director of Savills Research, who painted a vivid and striking portrait of the UK property market, without losing sight of the comparisons with our beloved city, where the value per square metre is the highest in the world.

The London Chamber of Commerce and Industry then came into play, with some sixty British entrepreneurs who Monaco had invited to meet at Savills, for a firework display of all kinds of professional exchanges that continued throughout the cocktail party and dinner that rounded off this very busy day.

Wednesday 12th June was the high point of an eventful trip.

Still under the aegis of Her Excellency Mrs Evelyne Genta, the 44 Monegasque companies represented went to the Royal Thames Yacht Club in Knightsbridge to meet some sixty financial contacts, including legal advisors, family offices, tax specialists, chartered accountants and bankers. The operation was organised with partner organisations specially involved in this type of event.

AMAF, represented by its Vice-Chairman Alejandro Velez, gave a comprehensive presentation of Monaco's financial centre before CMS, represented by Maître Sophie Marquet and Maître Raphaëlle Svara, highlighted the virtues of Monaco's legislation in terms of its financial attractiveness.

At a time when the UK's 'Non Dom' tax regime, which legally allows UK-resident taxpayers to be taxed on UK-source income only, is set to be abolished, regardless of the outcome of the local elections on 4th July, this session made perfect sense, as the Principality's appeal as a place to live and invest is an option for some Londoners, thanks to advantages such as quality of life, low taxation, security and stability.

The networking cocktail party that followed these presentations saw a flurry of questions that warmed up the typically London weather. All the more reason to enjoy the Principality!

That same evening, Justin Highman and Guillaume Rose took part alongside Frédéric Genta and Chloé Leclercq Boscagli in the Monaco Private Label dinner, an ultra-exclusive event whose success was further proof of the interest in the Principality of Monaco on the other side of the Channel.